Trump announced the Memecoin on Truth Social, and within 30 seconds, a new wallet address purchased over 5.9 million TRUMP tokens.
Written by: Sander Lutz
Compiled by: BitpushNews
This weekend, the new meme Coin launched by the President and First Lady caught many off guard. However, some traders placed their bets early and were rewarded.
When Trump launched his meme Coin on Friday, many quickly made a lot of money—but at least one trader made a much larger profit by betting much earlier than most.
On Friday, four hours before Trump announced his Solana meme Coin TRUMP, an anonymous user funded a brand new crypto wallet (identified as "6QSc2") with over $1 million worth of SOL and then waited for appreciation.
Within 30 seconds of Trump announcing the meme Coin on Truth Social on Friday night, that wallet purchased over 5.9 million TRUMP tokens. Within hours, the value of these tokens exceeded $116 million.
According to analysis from on-chain research firm Bubblemaps, the trader subsequently split a large amount of TRUMP tokens into 10 different Solana wallets and began selling them off in large quantities the next day. As of Monday morning, the trader had sold $85 million worth of TRUMP and still held another $75 million. Currently, blockchain data shows that these wallets collectively hold only $18 million worth of meme coins, indicating that the trader has likely sold off most of their position.
However, the story doesn't end there. On Sunday, First Lady Melania Trump followed in her husband's footsteps by launching her own meme coin—and this lucky trader was early again. Within a minute and a half of the First Lady posting about the MELANIA token on Truth Social, and one minute before information about the token was posted on X, one of the wallets associated with that user purchased a large amount of MELANIA tokens.
According to Bubblemaps, the trader sold $45 million worth of TRUMP tokens, apparently to build a massive MELANIA position, which caused TRUMP tokens to plummet nearly 50% within minutes on Sunday afternoon.
Rumors circulated on X about several early buyers of TRUMP tokens profiting significantly, leading to suspicions of widespread insider trading. Decrypt could not confirm whether any insider information existed, but the numerous associated wallets linked to the "6QSc2" account were enough to raise eyebrows.
Given that this trader placed such a large order before most cryptocurrency users learned of the news and realized it wasn't a carefully orchestrated hack, it raises questions.
However, it is also possible that this trader happened to be in the right place at the right time, just created a new wallet, and made the right decision in a timely manner. The trading history of the associated wallets indicates that this user has been buying and selling large amounts of meme coins, at least for the past three months. This trader even purchased some when the meme coin for Hawk Tuah Girl was released.
It is also possible that this trader has extensive connections and received information about the upcoming release of the Trump meme coin. If there was indeed insider information, the leak may not necessarily have come from Trump's inner circle or crypto team.
Last weekend, several Solana decentralized finance projects (such as Jupiter, Meteora, and Moonshot) revealed that they had collaborated in advance with the Trump token team to ensure a smooth launch.
The token caused activity on the Solana network to reach unprecedented levels, and many had to work together to ensure the infrastructure could operate normally. However, it remains unclear how many employees of these projects were aware of the token's plans in advance, and there is currently no evidence of any wrongdoing by any providers.
At least one well-known cryptocurrency figure seems to have publicly boasted about receiving insider information regarding the upcoming MELANIA token. Ran Neuner, co-founder and CEO of blockchain investment fund Onchain Capital, acknowledged this in a post on X on Monday, lamenting that the Trump family is now "scamming at the expense of the cryptocurrency community."
"Don't get me wrong," Neuner wrote. "As my timeline shows, I knew about the MELANIA token before its release, and I clearly profited from it."
In fact, nearly 90 minutes before the First Lady posted the first announcement about the token on Truth Social, Neuner publicly shared information about the upcoming MELANIA token.
Decrypt reached out to Neuner regarding the post but did not receive a response.
Trump's token rose 8% on Tuesday, reaching $43.94 at the time of writing. The fully diluted value of the token still exceeds $43 billion. Meanwhile, MELANIA dropped nearly 24% on the same day, reaching $4.60 at the time of writing, with a fully diluted value of $4.6 billion.
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